Maji aims to prevent old age poverty by helping the millions of people who are not saving enough for their future to achieve financial resilience and freedom, through accessing, understanding, managing and growing their pension pots.
What critical problem is Maji addressing?
The pension industry is not delivering value for consumers. In the UK, over 15 million people are not saving enough for their retirement and 1 in 5 has lost track of a pension, worth on average £13k. The number of under savers is set to grow to 20 million by 2026.
How do you provide a solution to this problem?
Maji is building an app that will help people to increase their financial resilience along with their ability to save for a happy and financially secure retirement.
People can access and manage all their pension accounts through one app. They can also use financial planning software, behavioural nudges and the latest savings technology to meet their retirement savings targets.
Find out more about Maji
UN Sustainable Development Goal addressed:
What inspired you to start Maji?
I realised that I wasn’t saving enough for older age and that I didn’t really understand how much I needed to be saving to have a good quality life when I stopped working. I’d also managed to lose track of the pension I had in my first job. I found a service that let me transfer my pensions into their product, but realised that I’d lose important benefits in the pensions if I transferred them over.
I teamed up with my co-founder Sahil to set up Maji. Together, we think there’s a better way to help people to save more.
We hope the Future 20 programme will challenge our ideas so that we can strengthen them, will expand our networks, so we can find the right people to help Maji grow, and will enable us to be part of a community of mission driven business, so that we can use Maji to make the world a better place.